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IEA sees global oil glut worsening, Opec deal unlikely ECONOMY

IEA sees global oil glut worsening, Opec deal unlikely

The world will store unwanted oil for most of 2016 as declines in US output take time and Opec is unlikely to cut a deal with other producers to reduce ballooning output, the International Energy Agency said.

4:45 AM November 25 2016
Crude oil rises in holiday-constrained trade ECONOMY

Crude oil rises in holiday-constrained trade

Crude oil futures rose in thin trade as many Asian markets were on holiday for Lunar New Year, with few trading cues expected until Federal Reserve Chair Janet Yellen gives testimony to lawmakers later in the week.

4:45 AM November 25 2016
Brent 'likely to average $65 in 2017 as market may rebalance' ECONOMY

Brent 'likely to average $65 in 2017 as market may rebalance'

Brent crude is likely to average $65 a barrel in 2017 as the current prices are “far too low to spur” necessary investment, resulting in the “market rebalancing” eventually, a new study shows.

4:45 AM November 25 2016
Oil rises above $35 on dollar, potential producer meeting ECONOMY

Oil rises above $35 on dollar, potential producer meeting

Oil extended a rally above $35 a barrel, adding to the previous session's 7% jump, as support from a weaker dollar offset concern about ample supply and record-high US inventories.

4:45 AM November 25 2016
Oil prices extend gains on dollar-slide, talk of oil producer meeting ECONOMY

Oil prices extend gains on dollar-slide, talk of oil producer meeting

Crude oil futures extended gains from the previous session on Thursday as a weaker dollar and unconfirmed talk of producers potentially meeting to discuss output cuts lifted the market despite record US stocks due to overproduction.

4:45 AM November 25 2016
Oil slides nearly 6% as hopes for output cut fade ECONOMY

Oil slides nearly 6% as hopes for output cut fade

Oil fell on Tuesday, with US crude briefly slipping below $30, dented by worries about demand amid a mild winter and concerns of rising supply as hopes for a deal between Opec and Russia on output cuts fade.

4:45 AM November 25 2016
Oil weakens as profit-taking kicks in ahead of stocks data ECONOMY

Oil weakens as profit-taking kicks in ahead of stocks data

Crude oil futures declined on Wednesday, heading back towards $30 a barrel as profit-taking wiped out a chunk of the gains notched up in the previous session on hopes for output cuts.

4:45 AM November 25 2016
Oil dives to fresh 12-year low under $27 ECONOMY

Oil dives to fresh 12-year low under $27

Oil plunged to fresh 12-year lows under $27 on Wednesday, slammed by gloomy economic forecasts, China's slowdown and abundant crude supplies.

4:45 AM November 25 2016
Mideast oil supply to dip to 1.23mn bpd in 2016: Opec ECONOMY

Mideast oil supply to dip to 1.23mn bpd in 2016: Opec

Middle East oil supply is estimated to fall by 0.03mn bpd this year compared with 2015 to average 1.23mn bpd in 2016, Opec has said.

4:45 AM November 25 2016
Oil slides below $35 on rising stocks, fading hopes of export cuts ECONOMY

Oil slides below $35 on rising stocks, fading hopes of export cuts

Oil prices fell below $35 per barrel for the first time since 2004 on Wednesday, tumbling more than 5 percent as the row between Saudi Arabia and Iran made any cooperation between major exporters on cutting output even more unlikely.

4:45 AM November 25 2016
Oil prices rise after Saudi Arabia cuts Iran ties ECONOMY

Oil prices rise after Saudi Arabia cuts Iran ties

Oil prices rose in Asia after crude kingpin producer Saudi Arabia cut diplomatic ties with Iran following a row over the Saudi execution of a Shia cleric.

4:45 AM November 25 2016
Oil prices edge up in Asia after another sell-off ECONOMY

Oil prices edge up in Asia after another sell-off

Oil prices rebounded in Asia Thursday on bargain-hunting on the last trading day of 2015 following a sharp decline fuelled by an unexpected rise in US commercial stockpiles.

4:45 AM November 25 2016